Duty on ships & marine equipments
This query is : Resolved
20 March 2012
WHAT IS CURRENT EXCISE DUTY ON SHIPS BUILD UNDER 1- DOMESTIC ORDERS 2-ON EXPORT ORDER.
2- WHAT IS VAT APPLICABLE IN MAHARASTRA.
2- WHAT IS VAT APPLICABLE IN MAHARASTRA.
21 March 2012
The excise duty has been raised from 4% to 5% but Ship building industry has also been given a boost by exempting tax on import for spares and capital goods for both the manufacturers and ship owners.
As regards VAT on ship building is concerned you have not specified whether the person building the ship is a contractor or the company is building for it's own use. The rates will be different in each case.
As regards VAT on ship building is concerned you have not specified whether the person building the ship is a contractor or the company is building for it's own use. The rates will be different in each case.
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21 March 2012
case-1 shipyard as contractor
case-2 shipowner for its use
case-2 shipowner for its use
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